One of the country’s largest payment enablers Free charge announced a new Â feature of transferring money Â through Whatsapp if by a few settings in the Freecharge App. Once the setting is done, the user while chatting can type â€˜FCâ€™ after the amount of money to be transferred, say â€˜150FCâ€™, sends it, the job will be done.
Amidst all the efforts placed in the digital industry players to make a cashless environment, Freecharge’s feature isÂ unique in its kind, Â in India. People might be able to relate it WeChat. In China, WeChat, owned by Tencent, which also operates its own payments arm, WeChat Payments, competes with ecommerce giant Alibaba’s Alipay, but could not replace it at large. WeChat has nearly 700 million users and can be used for all sorts of transactions like making in-store payments or taking out loans. While a similar monopoly doesnâ€™t seem possible â€“ and maybe not even desirable â€“ in India, the WhatsApp-FreeCharge collaboration is a step in a similar, chat-and-pay direction.
FreeCharge Â partnered with Fino, which was one of the 11 companies to receive a license to act like a bank and hold money. Since then, FreeCharge has moved fast, and can be used for everything from buying bus tickets to paying for utilities.
Earlier this month, Axis Bank launched â€œPing Payâ€, an app to let users transfer money socially. Once a user decides to transfer money using Ping Pay, they can send a code number to the recipient through WhatsApp, Facebook, Twitter, or email. The recipient then has to log into the Ping Pay app and type that code in. They have fifteen days to decide whether or not they want to accept the money.
News Source: www.techinasia.com